Energy storage provider Adara Power and the Electric & Gas Industries Association (EGIA) have partnered to offer five financing options.
Two of the options are aimed solely at residential customers, according to the press release. Two are aimed at commercial customers. No residential or commercial designation is made on the fifth. Two of the five programs include Property Assessed Clean Energy (PACE) financing elements.
The Benji Unsecured Financing program is an unsecured platform that can be used with Renovate America’s HERO PACE program. It enables energy and non-energy upgrades costing as much as $50,000 with payment periods of 5, 7 or 10 years with 6 or 12 interest- and payment-free months options.
The Energy Wise Lease Program is aimed at the commercial market. It offers leases for facility upgrades in amounts from $20,000 to $99,999.99. The Commercial Financing Program is aimed at larger projects. It has terms as long as 10 years and loan amounts to $5 million.
In what is seen as good news for the nascent PACE financing, Morningstar Credit Ratings has endorsed the approach:
In a new report, however, Morningstar Credit Ratings said PACE loans present little risk of driving a borrower into a foreclosure, and could bolster property values and save the homeowner money in efficiency improvements. The securities backed by the PACE revenue streams also are highly rated, Morningstar said.
The story says that PACE, to this point, is more common in the commercial sector.